REG - Toople PLC - Debt Funding

ToopleAnnouncement

29/03/2022 07:00

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RNS Number : 3606G  Toople PLC  29 March 2022

For release at 07.00, 29(th) March 2022

Toople PLC

("Toople" or the "Company")

Debt Funding

Toople, a provider of bespoke telecom services to UK SMEs, is pleased to
announce it has received commitments for convertible loans of £300,000 from
private investors and existing shareholders.  The loans have an interest rate
of 10% and fall due in January 2023, can be converted at any time at the
lenders' election at the rate of 125% of the loan amount converted with a 10%
discount of the average of the two lowest Volume Weighted Average Prices in
respect of Ordinary Shares during the 20 business days immediately preceding
the date of the Conversion Notice. In addition, lenders will receive warrants
equal to 100% of the number of ordinary shares issued at conversion
exercisable at the conversion price anytime up until 28 March 2024.

 

The loans provide the company with working capital to move towards
profitability whilst the Board is also exploring EBITDA enhancing M&A
opportunities.  A current business and trading update will be released to
coincide the Company's Annual General Meeting (AGM) to be held on 31(st) March
2022.

Andy Hollingworth CEO commented:

"This non-dilutive funding is another positive step for the Company and shows
strong support from existing shareholders and debt providers, who share our
vision of driving the business forward.  We intend to capitalise on the
opportunities that are presenting themselves as the SME market in the UK
continues to reopen after the hiatus caused by the COVID-19 restrictions.  We
look forward to providing a more detailed update on the business and its
progress at the time of our AGM."

-ends-

For further information please visit www.toopleplc.co.uk
(http://www.toopleplc.co.uk)  or contact:

 Toople PLC                                     Tel: 0800 0499 499

 Andy Hollingworth, Chief Executive Officer /

 Paul White, Chief Financial Officer

 Novum Securities Limited                       Tel: 020 7399 9400

 David Coffman

 Colin Rowbury

 Belvedere Communications                       Tel: 020 3687 2754

 John West

 Llew Angus

About Toople PLC (http://www.toople.com)

Toople PLC is incorporated in the UK and listed on the main market of the
London Stock Exchange.   The business currently trades under four main
brands: toople.com (http://toople.com) ; dmsluk.co.uk (http://dmsluk.co.uk) ;
broadbandandphones.co.uk (https://broadbandandphones.co.uk/) ;
checkthatcompany.co.uk (http://www.checkthatcompany.co.uk/) .  Toople.com
(http://www.toople.com/)  provides bespoke telecoms services for its fast
growing target market of UK SMEs with between one and 500 employees.
Services offered by the Group include business broadband, fibre, EFM and
Ethernet data services, business mobile phones, cloud PBX and SIP Trunking and
Traditional Services (calls and lines) all of which are delivered and managed
via the Group's proprietary software platform.  The Group's wholly owned
subsidiary  DMS Holding (DMSL) (http://www.dmsluk.co.uk/) provides unified
communication services in the UK ranging from a single phone line to a
multi-site unified comms VoIP platform, delivered via a network of telecoms
and IT carriers and content providers across the UK including BT Business, BT
Global Services, Gamma, EE, Vonage, TalkTalk Business and O2.  DMSL acts as a
BT Premier re-seller for broadband connectivity, mobile and fixed voice and
cloud services and is responsible for over 250,000 BT customers and over
400,000 Revenue Generating Units.  The Company also owns a telecoms price
comparison website and a service offering company credit reference checking
and reports.  These complement the Group's IT and telecoms services.

 

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